Tax Planning
The latest news and developments that advisors need to create meaningful tax planning strategies for clients.
Tax Court Revives Partnership Self Employment Tax Debate
By William H. Byrnes, Robert BloinkA recent Tax Court opinion could revive the debate over how and when limited partners are exempt from self-employment taxes.
March 20, 2011
Making the Most of Tax SeasonTax time may generate high anxiety for millions of Americans rushing to get their returns filed on time.
March 15, 2011
Tax Planning Advice: Look at Last Year’s Return—Bernard KielyA minimum of a two-year trend analysis on a client’s tax returns can pinpoint mistakes and opportunities.
March 15, 2011
Tax Planning Advice: Coordinating Beneficiary Designations—Martin ShenkmanClients can undo all the hard work of estate planning by relying on “the guidance of a bank teller.”
March 15, 2011
IRS Nearly Doubles Audits of Wealthy’s Tax ReturnsHigh-net-worth individuals be warned: the IRS is watching. And it’s not doing it return by return any longer; it’s looking at the big picture instead of one-offs, resulting in a rate of audits of the wealthy that nearly doubled in 2010.
March 15, 2011
Tax Planning Advice: Following the Rules on Entities—Martin ShenkmanShenkman reminds advisors to make sure that clients and other professionals who might work with your clients, like insurance agents, follow the rules on entities like Crummey trusts, insurance trusts and S corporations.
March 14, 2011
Tax Planning Advice: Using the Section 179 Deduction—Bernard KielyLast year's Small Business Jobs Act increased Section 179 limitations to $500,000 and expanded the definition of qualified property for the 2010 and 2011 tax years.
March 14, 2011
Tax Penalty Exceptions: Early Distributions From IRAsDon’t overlook exceptions to the 10% tax penalty on early distributions from IRAs; they can save your clients a bundle if they need to tap their retirement account early.